BBC NEWS | Business | US and UBS agree to end tax row.
They've done a deal.
Rumour reaches me that 8 - 10,000 names will be disclosed.
This is not an ideal outcome. 52,000 names and full Automatic Information Exchange thereafter would have been ideal.
But it is another step on the way to that objective.
Switzerland has been holed, but is not sinking yet.
The US will get enhanced tax compliance and a lot of cash.
Banking has had another massive warning about the abuse it has sold.
This one can be built on.
And it will be.
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The success or the failure of the deal in the fight againt tax evasion will depend on the “quality” of the names that will be disclosed whatever the number.
If 5000 names (or more) represents 80% of the assets it will be a success.
It the disclosed names are small accounts the US will have been fooled.
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